Bombardier delivered 29 private jets between April and June 2023, one aircraft more than the same quarter last year. The Canadian plane manufacturer recently released its financial results for second quarter (Q2) 2023.
Bombardier reported a revenue of $428 million recording a 19% increase as compared to the same time last year. Overall, revenues in the second quarter of 2023 rose to $1.7 billion, up 8% year-over-year. The free cash flow usage was $222 million including the spending to support the completion of the new Global Aircraft Manufacturing Centre at Toronto Pearson Airport (YYZ), due to open this year, and working capital build to support higher deliveries in the second half of the year.
The company reported positive adjusted net income in the second quarter of 2023, in which it reached $80 million, compared to a loss of $38 million in the same quarter last year.
Total adjusted EBITDA for the quarter was $275 million, representing an adjusted EBITDA margin of 16.4% and a significant 350 basis point margin expansion over the same quarter last year.
Éric Martel, president and CEO of Bombardier, said: “Bombardier delivered a very strong second quarter. Our team successfully navigated a highly dynamic business environment that saw sustained demand for new and pre-owned jets, as well as steady service growth, all while supply chain pressure persisted.”
The adjusted EBIT totaled $190 million, up 84% compared to the same period of 2022.
“We continue to progress on our positive trajectory by delivering remarkable growth in profitability, propelled by a strong adjusted EBITDA increase and margin expansion, as well as a positive adjusted net income and earnings per share. Thanks to our team’s tremendous work, we boosted our revenues this quarter by 8 % year-over-year, driven in part by an exceptional 19% year-over-year aftermarket revenue increase,” Martel added.